Copper Ridge holes expand Ecuador porphyry target

Hancock Prospecting subsidiary Hanrine has earned a 51% interest in Titan Minerals’ Linderos Project in Ecuador after meeting a US$20 million spend target, while new drilling has confirmed a kilometre-scale porphyry copper system at Copper Ridge.

The ownership step marks the third milestone under the Linderos joint venture. Although the agreement allowed up to seven years to reach that level, Hanrine completed the commitment in less than two years.

At the same time, Titan reported its strongest recent intercept from hole DHCR-15, which cut 700.4 metres grading 0.36% copper equivalent from 270.3 metres. That interval included 20 metres at 0.82% copper equivalent and another 164.8 metres at 0.52%.

A second hole, DHCR-14, returned 302.3 metres at 0.32% copper equivalent from 197.1 metres, including 102.3 metres at 0.37% copper equivalent.

According to Titan, the latest work has now traced mineralisation for more than one kilometre along strike and to a depth of about one kilometre. The system also remains open to the south and at depth.

Copper equivalent combines the value of copper with gold, silver and molybdenum using Titan’s disclosed commodity price and recovery assumptions.

Geology from the southern part of Copper Ridge links the higher-grade copper zones to an altered diorite porphyry unit. Titan plans to use that setting, along with mapped structural corridors, to guide the next drill targets.

US$1 million payment pending

Titan is due to receive a US$1 million cash payment once the transfer of 51% of the mineral concession ownership to Hanrine is complete. That administrative process is now underway.

After the transfer, Titan will keep a 49% stake and remain free-carried while Hanrine funds and manages project work toward the final earn-in stage.

Hanrine can lift its interest to 80% by either making a decision to mine or spending US$120 million across the project, whichever comes first.

Titan chief executive Melanie Leighton said she was pleased to report further strong drill results from Linderos and noted that Titan would stay free-carried until Hanrine reached 80% ownership.

Since exploration began at Linderos in November 2024, Hanrine has completed 18 diamond holes for about 17,800 metres. Across the Copper Ridge and Meseta prospects, total drilling has reached 45 holes for roughly 23,920 metres.